N. L. ARODOYE

This study empirically analyzes the impacts of public debt on manufacturing capacity in Nigeria. The broad objective of this study is to empirically analyze the impacts of public debt on manufacturing capacity in Nigeria. The Ordinary Least Squares method was adopted to analyze the relationship between public debt and manufacturing capacity, private sector loan, Gross Domestic Product, consumption expenditure and interest rate. Secondary data which spans from 1981 to 2024, sourced from the Central Bank of Nigeria statistical bulletin for real sector, public sector and World Development Index, was extracted and utilized for empirical analysis. Some forms of pre-estimation tests were carried out in order to obtain satisfactory results. Such tests are the unit root test: test for stationarity, the co-integration test which tests for long run equilibrium relation between the variables of interest of this study. This study seeks to discover the effect of public debt on manufacturing capacity in Nigeria. Therefore, in conclusion public debt positively impacts on manufacturing capacity in Nigeria and it is significant, private sector loan has a significant positive impact on manufacturing capacity, Gross Domestic Product has a significant positive impact on the manufacturing capacity however both consumption expenditure and interest rate have negative impact on manufacturing capacity. Haven discovered from this study the significant positive impact of public on manufacturing capacity in Nigeria, it is therefore recommended that: The federal government should ensure that enough capital is available for the manufacturing sector given the importance of the manufacturing sector to the Nigerian economy. The monetary authority should ensure that the level of interest rate (cost of capital) does not discourage domestic manufacturing industries that need capital from both the money market and the capital market for investment purpose.

The study investigated the tax revenue, institution and public infrastructure in Nigeria. It aimed to examine the impact of tax revenue and institution in public infrastructure in Nigeria. To guide the study, three research questions were raised with three hypotheses tested. The study employed both descriptive and multiple regression analysis with ordinary least
squares (OLS) econometric techniques. The data for the study were collected from the Central Bank of Nigeria (CBN) Statistical Bulletin and world development indicators from year 1981 to 2021. Reliability of estimated results was determined by using the economic or ‘a priori’ criteria, statistical criteria and econometric criteria. Data were analysed using Augmented Dickey- Fuller (ADF) test, Johansen cointegration test and Error correction mechanism. The result revealed that, in the long run, there was a significant relationship between tax revenue and infrastructure development in Nigeria. However, in the short run, the study revealed negative impact due to inefficiencies. Also, institutional quality, in the long run, did not have a statistically significant impact on infrastructure development. However, in the short run, there was an initial positive impact of institutional quality on infrastructure development, followed by a negative lagged effect. The results also showed that Foreign Direct Investment (FDI) had a weak and statistically insignificant positive impact on infrastructure development in Nigeria. Furthermore, public debt had a marginally significant positive impact on infrastructure development in the long run. However, in the short run, public debt had a significant negative impact. Based on these findings, it was recommended that policymakers should enhance tax revenue collection through improved tax administration and tax evasion reduction, and provide efficient funds allocation for infrastructure. It was also recommended that policymakers should strengthen fiscal transparency and institutional quality by focusing on anti-corruption in procurement. Furthermore, government should create a favourable investment climate by reducing regulatory bottlenecks and promoting public-private partnerships to attract infrastructurefocused FDI and also prioritize prudent public debt management, and balance borrowing
with sustainable servicing to maintain fiscal stability. For sustainable economic growth, policymakers should adopt a comprehensive policy framework that combines fiscal discipline, institutional reforms and private sector engagement